Question

IFTAS (Indian Financial Technology and Allied Services) is a wholly owned subsidiary of which of the following banks?
1. SBI 
2. RBI 
3. IMF 
4. ICICI

Answer 1

Correct Answer - Option 2 : RBI 

The correct answer is RBI.

• Indian Financial Technology and Allied Services (IFTAS), a wholly-owned subsidiary of the Reserve Bank of India are registered under the Companies Act, 2013.
• IFTAS provides critical infrastructure services to RBI, banks, cooperative societies, and other financial institutions.
• The services provided are:
  • Indian Financial Network (INFINET), a closed user group MPLS network for the banking and financial sector.
  • Structured Financial Messaging System (SFMS), a messaging system facilitating RTGS, NEFT, Government payments, and receipts, etc.
  • Indian Banking Community Cloud (IBCC), providing CBS and other software applications such as SFMS, mobile banking, etc. as web service/s.
  • Global Interchange for Financial Transactions (GIFT), an integrated payment & settlement system based on an open-source technology stack.

RBI (Reserve Bank of India)

• RBI is known as the 'Central Bank of India' whose primary function to regulate the issue of Banknotes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country.
• RBI is also known as 'Apex Bank of India'.
• RBI is also known as 'Banker's Bank'.
• RBI  was set up on the recommendation of the Hilton Young Commission also called the Royal Commission in 1926.
• RBI Act was passed in the year - 1934.
• RBI was established on 1st April 1935.
• RBI was nationalized on 1st January 1949.
• RBI issues all currency notes except one rupee.
• The signature of the RBI Governor on the notes is in English and Hindi.
• The currency notes except one rupee hold the signature of the RBI Governor.
• One rupee holds the signature of the Finance Secretary.
• The first Governor of RBI -  Sir Osborne Smith.
• The first Indian Governor of RBI - C. D. Deshmukh.
• The longest-serving RBI Governor - Benegal Rama Rao.
• The Indian Prime Minister who had served as RBI Governor - Dr. Manmohan Singh.
• Present and 25h Governor of RBI - Shakthikanta Das.
• Deputy Governors of RBI - B. P. Kanungo, S. M. K Jain, M. D. Patra, and M. R. Rao.
• Headquarter - Mumbai.

SBI (State Bank of India)

• SBI is the largest commercial public sector bank in India.
• SBI is the largest banking network in India.
• The earlier name of SBI was Imperial Bank of India.
• In 1955, the Imperial Bank of India was nationalized and renamed as SBI.
• The banks merged with SBI:
  • State Bank of Hyderabad.
  • State Bank of Mysore.
  • State Bank of Travancore.
  • State Bank of Patiala.
  • State Bank of Bikaner and Jaipur.
  • Bharatiya Mahila Bank.
• SBI has the largest number of branches outside India.
• SBI is the 43^rd largest bank in the world.
• The first bank to introduce mutual fund in India is SBI.
• Chairman - Dinesh Kumar Khara.
• Headquarter - Mumbai.

IMF (International Monetary Fund)

• The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
• IMF is an international financial institution formed on 27^th December 1945.
• Managing Director - Kristalina Georgieva.
• Headquarter - Washington DC.

ICICI (Industrial Credit and Investment Corporation of India)

• ICICI Bank is the largest private sector bank in India.
• ICICI Bank is known as the 'first universal bank in the country.
• ICICI Bank is the second-largest bank in India in terms of assets and market capitalization.
• It is the first bank in India listed New York Stock Exchange.
• ICICI Bank is the first bank to introduce internet banking and complete mobile banking services in India.
• CEO - Sandeep Bakshi.
• Headquarter - Mumbai.